Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Marketing Ch 1
mktg ch 2
| value | the BENEFITS a customer receives from buying a good or service |
| Can a person be a product? | yes |
| marketing | an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders |
| stakeholders | buyers, sellers, or investors of a company. community residents, and even citizens of the nations where goods and services are made /sold. ANY PERSON / ORGANIZATION THAT HAS A STAKE IN THE OUTCOME |
| consumer | ultimate user of a good or service |
| marketing concept | a management orientation that focuses on identifying & satisfying consumer needs to ensure the organization's long term profitability |
| need | the recognition of any difference between a consumer's actual state and some ideal or desired state |
| Example of psychological need: | to fit in, social acceptance |
| the specific way a person satisfies needs... | depends on his or her unique history, learning experiences, and cultural environment |
| want | desire for PARTICULAR product we use to satisfy a need in specific ways that are culturally and socially influenced |
| a product delivers a _____ when it satisfies a need or a want | benefit |
| benefit | the outcome sought by a customer that motivates buying behavior- that satisfies a need or a want |
| What is the challenge of marketing? | to identify what benefits people look for and then develop a product that delivers those benefits while also convincing consumers that their product is better than competition. |
| demand | when you couple desire with the buying power or resources to satisfy a want |
| market consists of who? | all of the consumers who share a common need that can be satisfied by a specific product and who have the resources, willingness, & authority to make the purchase |
| utility | sum of benefits we receive when we use a good or a service. WHAT CREATES VALUE |
| _ utility: transforming raw material into finished products | form: ex) when dress maker combines silk, thread, zippers to create gown |
| - utility: making products available where customers want them | place: ex) shipping |
| - utility: storing products until they are needed | time ex) storage of wedding dress |
| - - utility: allowing the consumer to own, use, and enjoy the product | possession |
| product | good, service, idea, person- whatever is offered in the sale in the exchange |
| product orientation | a mgmt philosophy that emphasizes the most efficient ways to product and distribute products |
| Product orientation works best when? | demand is greater than supplu necause it focuses on the most efficient ways to produce & distribute products |
| Firms that focus on a product orientation tend to view the market as a.... | homogeneous group |
| selling orientation | a managerial view of marketing as a sales function, or a way to move products out of warehouse to reduce inventory |
| consumer orientation | a business approach that proiritizes the satisfaction of customers' needs and wants |
| total quality management | a mgmt philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement |
| instaprenuer | a business person who only produces a product when its ordered |
| triple bottom line orientation | a business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices |
| the financial bottom line | financial profits to stakeholders |
| the social bottom line | contributing to the communities in which the company operates |
| the environmental bottom line | creating sustainable business practices that minimize damage to the environment or that even improve it |
| customer relationship management | a systematic tracking ofconsumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each infividual's unique wants and needs. CRM allows firms to talk to individual customers |
| attention economy | a company's success is measured by its share of mind rather than share of market. where companies make money when they attract EYEBALLS rather than just dollars ex) google. use google to increase prices of advertising |
| social marketing concept | a mgmt philosophy that marketers must satisfy customers' needs in ways that also benefit society and also deliver profit to the firm |
| explain crade to cradle product | completely reusable, natural materials, recycable, net depletion of resources a company needs to make is zero |
| Why is sustainability good? | reduces costs while conserving resources |
| green marketing | creates different benefit in minds of consumer, environmentally beneficial |
| what is more difficult to sell? more challenging | intangable products/good |
| consumer goods | tangible products that individual consumers purchase for personal or family use |
| services | we pay for but never own |
| business-to-business marketing | marketing of goods and services from one organization to another |
| business purchase more of what kind of goods? | industrial goods (bought for further processing) |
| e-commerce | buying and selling on the internet |
| shrinkage | losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise |
| ex of anticonsumption | spray painting grafittio to computer viruses |
| ex of not-for-profits organizations | zoo's, museums, states, countries |
| value proposition | a marketplace offering that fairly and accurately sums up the value that will be realized if that good or service is purchases |
| value is in the eye of the ____ | beholders |
| how do sellers decide is transaction is valuable? | if they have made profit. |
| brandfests | events companies host to thank customers for their loyalty |
| lifetime value of a customer | potential profit a single customer's purchase of a firm's products generates over the customer's lifetime |
| distinctive competency | a superior capability of a firm in comparison to its direct competitors |
| differential benefit | properties of products that set them apart from competitors' products by providing unique customer benefits |
| value chain | a series of activities involved in designing, producing, marketing, delivering, and supporting any product. each link has potential to add/remove value from product customer buys |
| web 2.0 | integral part , social networking |
| what is an example of "evil marketing" | looking at a magazine and feeling bad about yourself |
| what do you do when you market plan? | analyze the environment |
| what does a marketing plan consist of? | describes marketing environment, outlines the marketing objectives and strategies, identifies who will be responsible for carrying out each part of the marketing strategy |
| mass market | all possible customers in a market, regardless of the differences in tehir specific needs and wants |
| market segment | distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market |
| target market | who to plan marketing plan for, directs marketing efforts |
| marketing mix: four p's | price, product, promotion and place |
| Four p's: product | design and packaging for a good, physical features, any associated services, such as free delivery |
| four p's: price | assignment of value, amount consumer must exchange to receive the offering |
| four p's promotion: | all activities to inform consumers about their products |
| four p's: place | how do we get that product? getting product at desired time and location. relates to SUPPLY CHAIN |
Created by:
cl579544